In a recent development, Changpeng Zhao CZ , the CEO of Binance, has unequivocally dismissed rumors linking him to the ownership of CommEX, the entity that acquired Binance’s Russian business. The move comes as the U.S. Department of Justice initiates an inquiry into potential sanctions violations, prompting Binance’s decision to exit the Russian market.
The emergence of CommEX, bearing a user interface reminiscent of Binance, naturally gave rise to questions regarding its origins and affiliation.
CZ took to Twitter to clarify the situation, asserting, “I am not their UBO [ultimate beneficial owner], nor do I own any shares there.” He also acknowledged the possibility of former Binance personnel joining CommEX, either presently or in the future.
In an effort to ensure a seamless transition for users, Binance has made specific requests to CommEX for a similar design and technical framework. CZ additionally mentioned that older transactions dating back to the “testing phase” of integration were preserved. It’s worth noting that Binance has decided not to extend its services to users in the United States or European Union.
In an official statement issued on a preceding day, Binance affirmed its complete withdrawal from the Russian market following a brief transition period. The statement emphasized that there were no intentions to divide revenue or exercise any buyback options concerning shares held by the new company.
As the situation unfolds, the cryptocurrency community awaits further developments and clarifications regarding Binance’s exit from Russia and its relationship with CommEX. Stay tuned for updates on this evolving story.